So you’re currently a homeowner. You’ve owned it for at least a couple of years and you’re thinking, “I know I have equity in my home, and I want to move, but where would I go?” So you start looking at what’s for sale and find a home that you LOVE, but you have a home you’d need to sell first in order to buy it.
Here we’ll go over some tips for things you can do right now to put yourself in the best position to sell and buy a home at the same time.
If you want to sell your home, but don’t know where you would go if you did sell it, there are some things you can go ahead and do right now so that when you do find a home you want to buy, you can list your home the same day. Listing your home that day is so important because when you make an offer on the home you want to buy saying you have a home to sell first, it helps boost your offer if your home is already on the market.
So what can you do right now if you still haven’t found the next home you want to buy?
Schedule a Free Consultation
The first thing to do is to have us meet together and look at your home. We’ll be able to evaluate the condition of your home and suggest any updates or necessary repairs so that you can sell your home for top dollar. (You can request your free home value report here before meeting with us.)
After meeting with you and seeing your home, we’ll be able to send you a “Net Sheet“. This shows you how much we’d expect to sell your home for today, subtracts the balance of your mortgage and other common transaction expenses/fees, and at the bottom highlights your profit from selling your home. This profit can be used toward buying your next home!
Get Your Home Ready to List
After getting your Net Sheet, you should start prepping your home for photos/video, schedule your photography appointment, and fill out your disclosures. It usually takes 1-2 days to get photos and videos back of your home after they’re taken. But once they’re done, we have them for whenever you’re ready to list. Then, when you do find your next home, we can list it right away!
After meeting with us and getting your Net Sheet, there are some things you should also be doing to be ready to buy when your dream home gets listed for sale. Here’s what we recommend you do to buy.
Go ahead and get pre-approved for a mortgage from a lender. We recommend applying with our preferred lender, Lisa Meyer. Use the proceeds/profit from the sale of your home found on the bottom of your Net Sheet. Getting your pre-approval will narrow down and focus your buying power.
Getting pre-approved could also save you time before we even go down the path of selling and buying. It’s important to know you’ll qualify for what you want before you start looking, because that could also mean you won’t start the process of selling your home.
Set Up Saved Search E-mails
Once you know how much house you can afford, we’ll set you up on a Saved Search based on that amount and your wants/needs. That way whenever a new home gets listed or updated that matches your criteria, you’ll get notified so you don’t miss your dream house!
You can also go ahead and set up Saved Searches here on our website if you’re interested in seeing what’s for sale. Click here to sign up for an account to save searches, favorite homes, and get email updates!
Schedule Same-Day Showings
The moment you see a home online that might be the one, you need to schedule a showing right away. The housing market here is so competitive right now and homes are selling quickly. That means you need to be the first one to see the home. So once you get a notification of a new listing, take a look at it and if it’s calling to you, give us a call to schedule a showing.
Make the Right Offer
Since you’re buying a home knowing you’ll also need to sell your current one in order to buy it (this is called a Home to Sell Contingency), you’ll need to make a strong offer. This contingency automatically weakens your offer in comparison to ones without it. Therefore, you’ll need to offer list price – don’t worry, the appraisal will protect you from over-paying.
List Your Home!
Once your offer is accepted on the home you want to buy, it’s time to list your own. Thankfully by now you’ve already done the work of getting your photos/video taken and filled out all of the necessary listing paperwork. You should be able to list your home the day you’re under contract on your new one.
So – if you’re wanting to buy a new home and also need to sell your current one, taking the time to prepare is key. Having your home ready to list at a moment’s notice by getting your photos and paperwork done means that once your offer on your dream home is accepted, you can list your home that day. Getting pre-approved and receiving notifications of the latest listings means you won’t miss the opportunity to get that dream home.
We help clients sell their current home and buy a new one at the same time all the time. Contact us with any questions you have about this process or get started today!